Hello money bees!...(OMG, I sound like my mother....)
So my husband and I are finally ready to get a toe in the housing market but only just...
We've saved $28k and don't qualify for FHOG cos he's owned before. We're renting and happy to keep doing so for the meantime.
We're looking to buy a cheapee house, around the $225k mark, do a quick cosmetic reno & have it back on the market within 3-6 weeks to make a little profit hopefully. We want to do this repeatedly so at least 3-4 in a year.
I don't earn an income and my husband who is in the highest tax bracket, will keep working at his job while me and his dad tackle the reno.
Our accountant has said that ideally we would set up a discretionary trust and put the name of the trust on the purchase contract and the loan in my husbands name BUT we're trying to find out if anyone will do this at 95% LVR and if not, IF there's a way to have the loan in hubby's name and the title 99% mine & 1% husbands (tenants in common?) for tax purposes...and if not, IF we can borrow via credit card to fund the rest of the deposit to get to 20% LVR to buy in a trust? (we can't borrow any from family as we're the ones trying to break the poverty cycle!)
Due to the nature of my husbands employment, we need to apply for a pre approval ASAP (within a week) because he may be going back into a probationary period with a new job in a couple weeks, so anyone with the know-so, please help!
Thank you, thank you...
So my husband and I are finally ready to get a toe in the housing market but only just...
We've saved $28k and don't qualify for FHOG cos he's owned before. We're renting and happy to keep doing so for the meantime.
We're looking to buy a cheapee house, around the $225k mark, do a quick cosmetic reno & have it back on the market within 3-6 weeks to make a little profit hopefully. We want to do this repeatedly so at least 3-4 in a year.
I don't earn an income and my husband who is in the highest tax bracket, will keep working at his job while me and his dad tackle the reno.
Our accountant has said that ideally we would set up a discretionary trust and put the name of the trust on the purchase contract and the loan in my husbands name BUT we're trying to find out if anyone will do this at 95% LVR and if not, IF there's a way to have the loan in hubby's name and the title 99% mine & 1% husbands (tenants in common?) for tax purposes...and if not, IF we can borrow via credit card to fund the rest of the deposit to get to 20% LVR to buy in a trust? (we can't borrow any from family as we're the ones trying to break the poverty cycle!)
Due to the nature of my husbands employment, we need to apply for a pre approval ASAP (within a week) because he may be going back into a probationary period with a new job in a couple weeks, so anyone with the know-so, please help!
Thank you, thank you...